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Thursday, 24 October 1974
Page: 1930

Senator DURACK - My question, which is directed to the Attorney-General, refers to the action that has been taken recently by the stock exchange committees in Sydney, Melbourne and Perth- which action was referred to by Senator Walsh a minute ago- against their members arising out of matters disclosed in the report of the Senate Select Committee on Securities and Exchange. In view of the fact that in relation to the actions that have been taken by these committees there have been no disclosures of the names of the people concerned or the levels of fines imposed on individuals, and so on, 1 ask: How far advanced is the Attorney-General's projected Bill to set up a national securities and exchange commission? Will that Bill provide for adequate penalties and public disclosure of offences found to be proven?

Senator MURPHY -Preparation of the Bill is quite advanced. As the honourable senator might know, there was a draft Bill ready when the Senate Select Committee introduced its report. In the light of that report and of other submissions some alterations are being made to the draft Bill. A great deal of consultation is going on with the experts in this field and with those who would be affected by it in various ways. Work is also proceeding on the wider aspect of the national Companies Act. I do not think it is wise for me to say what are the provisions in the Bill except to indicate that, of course, there will be appropriate penalties for those who infringe the rules.

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